First quarter 2026 (Jan-Mar)
• Net sales amounted to SEK 241.0 million (218.6), corresponding to growth of 10 percent in SEK.
• Organic growth was 23 percent in local currencies. Excluding revenue from heart trials the organic growth was 18 percent in local currencies.
• Thoracic sales increased by 27 percent in local currencies and by 19 percent excluding revenue from heart trials.
• Abdominal sales increased by 24 percent in local currencies.
• Services sales decreased by -10 percent.
• Total gross margin was 71 percent (73).
• Operating income (EBIT) amounted to SEK 31.9 million (26.6).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 51.1 million (43.0), corresponding to an EBITDA margin of 21 percent (20). The underlying EBITDA margin was 24 percent, excluding costs related to US heart go-to-market preparations.
• Net profit amounted to SEK 36.3 million (-12.4), impacted by currency effects in cash and cash equivalents of SEK 8.5 million (-22.5).
• Earnings per share amounted to SEK 1.15 (-0.39).
• Cash flow from operating activities was SEK 65.3 million (-15.3), primarily impacted by an increase in sales. Total cash flow amounted to SEK 7.6 million (-77.2), impacted by investments in R&D projects of SEK -43.0 million.
Significant events in the quarter
• Management change at XVIVO – CFO transitions to new role
Events after the end of the period
• Preliminary one-year follow-up data from the US PRESERVE heart preservation trial was presented at ISHLT. The trial met its pre-specified primary endpoints.
• Results from first clinical trial using hypothermic oxygenated perfusion (HOPE) in direct procurement DCD heart transplantation was presented at ISHLT. The trial met its pre-specified primary endpoint.
• One-year follow-up results from XVIVO’s European multicenter heart trial published in the European Heart Journal.
CEO-comment
“Net sales for the first quarter amounted to SEK 241 million, reflecting a strong start to the year. In addition, for the second consecutive quarter we delivered positive total cash flow. Overall, the first quarter of the year was characterized by high activity, both commercially and clinically, as well as strong scientific momentum in both heart and lung, reinforced by the presentations at ISHLT in the beginning of the second quarter. We remain committed to our growth journey and continue to take important steps toward fulfilling our vision that nobody should die waiting for a new organ.” - Christoffer Rosenblad, CEO